Miami Is Wall Street South — Here's Why

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Miami is attracting the LeBron James of Wall Street, the Dwyane Wade of Greenwich equity, and the Chris Bosh of Boston — financial titans who are relocating to pay less in taxes and maintain a luxury lifestyle with a glittering social scene.

It's already the 2nd most popular financial hub in the country after NYC, and The Miami Downtown Development Authority is doing everything it can to make itself attractive to bankers through an initiative called the DWNTWN campaign.

Lloyd Blankfein and Leon Black are rumored to have bought Miami condos recently, and the latest hotshot to move his business there is Mark Spitznagel, founder of hedge fund Universa Investments.

"Florida's business-friendly policies ... offer the perfect environment for us as we expand," said Spitznagel. "I would expect to see more firms like Universa voting with their feet and relocating to a more hospitable business and tax environment, especially as many local governments are trying to tighten their grip on businesses."

Lower taxes mean more cash in your pocket for what matters.

So if you think about it, a hedge fund manager reporting $1 million in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.

Homes are spacious and private, and set at prices that won't break a Wall Streeter's bank.

Even more of a reason to make the jump to Florida, it's cheaper to own a home in Miami-Dade County than it is to rent one. According to Miami Association of Realtors, the median sale price was $235,000 compared to New York's $442,600.

By the way, New York's cost of living is nearly 30% above the national average compared to Miami's 10%.

If you aren't traveling by private yacht, there are three airports.

Pilots with private jets are offered a private hangar, refueling services, customs and immigration clearance, and ground services. The facility is open 24 hours a day and features a shower area, pilot lounge, Wi-Fi, and car rental services.

Miami is already packed to the gills with Wall Streeters going in and out of it all winter long because hedge funds love to have conferences there while it's cold in NYC. The Morgan Stanley-Lyford Key conference was moved from the Bahamas to South Beach, for one.

And we hear these conferences are stacked not just with interesting speakers, but also cool events for attendees.

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No need to look for new restaurants to love either, since a lot of NYC favorites are in Miami too.

The same goes for Mami's incredible nightlife scene.

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There are more than 500 bars and clubs in Miami, familiar favorites include a Dream Hotel South Beach and Soho House Miami.

Then of course there are the Miami natives. LIV in the Fontainebleau Hotel is the most expensive nightclub in Miami Beach. Kim Kardashian had her birthday there with Kanye (if that means anything to you).

Other hotspots include Clevelander, an iconic beachfront bar and hotel, Cameo, a big spot for DJs, and Wall.

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Then there's the non-stop party that is Art Basel.

David X Prutting and Keith Tiner, BFA

An offshoot of the annual art fair in Basel, Switzerland, Art Basel Miami Beach is a star-studded potpourri of artists, gallery owners, collectors and A-listers.

The influx of super-rich in attendance turns the five-day festival into a seemingly endless schedule of nightclubbing and poolside cocktail parties.